Cyber risk management is the process of identifying, analysing, evaluating and addressing your organisation’s cyber security threats. The first part of any cyber risk management programme is a cyber risk assessment.
What is the role of risk management in cybersecurity?
A risk management strategy helps to inform decision-makers of the cyber risks associated with day to day operations or new ventures. A cyber risk assessment will assess and establish the likelihood of any cyber-attacks that the business is currently vulnerable to.
What is a cybersecurity risk management program?
Cybersecurity risk management is the process of mitigating potential cyber risks through identification, assessing the impact of those risks, and planning a response.
How do you manage cybersecurity risk?
The ISO 27001 defines five major pillars that are needed for managing Cybersecurity Risk and seven steps that must be followed in carrying out a Risk Assessment:
- Risk identification.
- Vulnerability reduction.
- Threat reduction.
- Consequence mitigation.
- Enable cybersecurity outcome.
What are some common cybersecurity risk responses?
Common cybersecurity incident scenarios include malware infection, DDoS diversions, denial of service or unauthorized access.
What are the risk management strategies?
There are four main risk management strategies, or risk treatment options:
- Risk acceptance.
- Risk transference.
- Risk avoidance.
- Risk reduction.
For what reason can security risks can never be fully eliminated?
Answer: A vulnerability level of ZERO can never be obtained since all countermeasures have vulnerabilities themselves. For this reason, vulnerability can never be zero, and thus risk can never be totally eliminated. This type of countermeasure is elective in nature.